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Russia & Ethiopia strengthen trade: US dollar loses ground!
Russia and Ethiopia plan to trade in local currencies instead of US dollars in BRICS to promote de-dollarization.
Russia & Ethiopia strengthen trade: US dollar loses ground!
Russia and Ethiopia are at the beginning of a remarkable step: both countries plan to trade in their local currencies in the future and leave the US dollar out! Amid talks over a bilateral trade deal, both nations have confirmed they are committed to seeing the transition through. The Russian ruble and the Ethiopian birr are intended to determine future economic transactions in order to strengthen the economies of the two countries and increase their GDPs. This bold decision follows the de-dollarization strategy launched in 2022 - a clear statement to the dollar! A full report on the potential impact on the US commercial sector is can be found on watcher.guru.
Ethiopian Ambassador to Russia Genet Teshome Jirru confirmed that de-dollarization plans are well underway. “It is too early to give precise statistics, but interest in trading in national currencies is high on both sides,” he stressed. This development could be a new triumph for BRICS, as the group of emerging economies is actively looking for alternatives to the dollar! BRICS members India and Indonesia recently signed a similar agreement - despite threats from Trump! You can find out more about the impressive deal between India and Indonesia that sealed the move away from the USD in a comprehensive article on watcher.guru.